melissa: she seems like she is in a better mood today. >> that is all the money we have for you today. the willows report is next. gerri: the monday morning quarterbacking on the election has begun to billions of dollars of campaign spending and what we have to show? not much. the same president the same congress the same problems. the fiscal cliff that pushes our economy into another recession. the lower economy and higher taxes a bad cocktail. , promised a new era but that reminds me of groundhog's day.

it is great to have my guess here. the perfect do well to talk monday morning quarterback. yourself awful the president today actually calling on boehner and harry reid to say we have to come together. we could have seen more of that from the first administrations that he is doing it now. what are the odds they get together? >> everyboby hopes they are high but you want to avoid the high stakes game of chicken and during the lame duck session. that could have been. but his willingness to meet with mitt romney and boehner to resolve the situation. but if you heard voters press conference he sounds

like he is the same position under no circumstances will taxes ever be raised. gerri: he said the reelection of the president is not a mandate to raise taxes. this is a huge debate. can they come together? >> i believe we can seize the future together. we're not as divided as our politics suggest as cynical as the pundits believe that greater than the sum and we will remain more than a collection of red states and lose states we are the united states of america. gerri: why didn't we hear this four years ago? >> we did.

and eight years ago when a bomb gave the speech to the illinois state senators. and insisting i'm higher tax rates boater has agreed to the republicans on the super committee agreed to greater revenues the large benefit to those. gerri: of the high tax reform to bring down rates. >> that is the obvious direction. taxes with people over the year and every generation we

need to clean off the barnacles and done on the bipartisan basis by reagan, packwood, it is possible to do this. to put that caboshed to assist don higher tax rates. >> talk about boehner but let's talk about harry reid. here is what he had to say. >> to be as conciliatory as possible i want to work together and to understand and they cannot push us around. gerri: what?

>> i am willing to work with anybody by he wants to go back to clinton in tax rates creating 23 million jobs. and for these rates you will be campaigning in you'll see bill clinton play of role to broker the deal, make the case publicly but to solve the problem out on the trail again. >> isn't this a different era? it is completely different. doesn't make sense to do that now? >> with the tax is enacted 1993 it was economic growth

accelerated after the congressional republicans agreed on capital gains tax when the economy started to roll or. most will say it is not a good idea to raise tax rates and a period of sluggish growth. it is counterproductive what will really raise revenues is the late 1990's which is more rapid economic growth. when you have vibrant growth you get said gusher of revenue with the cbo that comes and we have a progressive tax system. gerri: but the stakes are very high.

but some house some side wins or loses? we will be in a recession again. the economy will contract again. i don't think the markets like what they saw they sold off the worst day of the year. mariane? went to the professional traders who have serious thoughts about the ability of government? >> second, over the last year has been good for the stock market. but no one can argue we cannot afford failure, still make comment the same thing over and over from 2011. only in washington and does the speaker think he has a mandate is big is the

president. >> you have 435 elected members of the house. the chance is a majority of them will vote for a tax rate increase are minimal. but a bipartisan majority will vote to through the revenues increase through limiting deductions is high. that is the way to go. he did not do that with the price of politics and repaid the economic price. it is harder to solve but the avenue is clear. gerri: i am glad to hear you are not as cynical as i am. now what do you think? who is the party of gridlock?

log on and there will share the results of. >> he won another four years but what does his victory mean for your health care? >> back to the bargaining table with the fiscal cliff will lawmakers of both sides find common ground? one week after destruction they cannot get a break as another storm hits the northeast. we're on the case next.

ally bank. why they're always there to talk. i love you, james. don't you lovee? i'm a robot. i know. i know you're a robot! but there's more in you than just circuits and wires! uhhh. (cries) a machine can't give you what a person can. that's why ally has knowe there for you, night and day. ally bank. your money needs an ally. gerri: mitt romney promised to repeal obamacare on the number one but since obama is sticking around what does the future hold?

let's ask of virginia and attorney general who fought to have the law repealed. what is the next page? you dedicated life to fight the law. >> there are a few different thing is coming. now there will be a debate state-by-state having it in my gubernatorial race whether to have stayed health care exchange for defaulting to federal exchange. if we should expand medicaid in the manner the federal health care bills call for. gerri: you may have a debate with the states that you are facing deadlines right now for the implementation. november 16 if you will

build a health exchange or not. will you ignore the deadline ? >> yes. we will pass through that. this administration has demonstrated they don't care what laws say. if people close to the deadline we have banned administrative deadline. it is a decision and the executive branch alone cannot make. general assembly comes into session in january 9th. we're just january and february the shortest in the country. we will face that had on. gerri: any other way to fight obamacare that you feel is unconstitutional? >> oklahoma of men did their lawsuit to include taxes and

penalties on employers. that is what finance it and the religious liberty challenges are working their way through from the hhs mandate that is set to go into effect in august. you will see a clash between this administrations and a number of churches when they tried to shove this policy to their faith including my catholic faith upon these churches. that will create a confrontation and the administration intentionally set that up but now the rubber meets the road. that will create controversy. gerri: the commonwealth of virginia the exit polls had drawn the wending he did not.

you were kind enough to update me throughout the day. were you surprised at the end of the day how obama could take the election election, virginia and battleground states? >> just be gain for virginia i went to polling places we had complaints to the state board of elections with long lines. but that means a lot of voters. much more quietly than 2,008 feel obama campaign had a spectacular turnout effort that became more obvious but it was so much quieter but then to e coli effect. the president got 100,000 less boats than four years ago but mitt romney only got 30,000 maurer and john

mccain the gap was cut by two-thirds but the president still came out on top there ground game. gerri: democrats did well and consolidated in the senate. are you worried about your own election? >> no. we have a counter cyclical aspect it is always one year after the presidential race. in 2009 obama was the first democrat to win virginia in my lifetime going back through their early sixties. but bob big donald had 59% of the boat for triad 50% lieutenant governor had 57% one year after the democratic president one.

a republican sweep. this year will play out on its own. gerri: they give for coming. it is a pleasure. we will be in touch over obamacare. john boehner says higher taxes could be on the table we will get reaction rating agencies awarding obama's will have no honeymoon stage and congress work together to keep away the fiscal cliff? don't go away. ♪ ♪ everyone has goals.

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any chance it can be averted next.

gerri: the election is over and obama back in office all eyes on the fiscal cliff speak as taxpayers will be hit. many organizations including blackrock took out ads in papers to warn about the impending disaster. joining me now barbara from blackrock it is of pleasure. why does blackrock think it is a big issue? >> look negative up of fiscal cliffs it is about jobs we raise taxes a lot come is sequestration, the economy, we went after the

clients and they agreed to cosign the letter to express concern to get in front of it. not discussed during the debate but the morning after it is the only thing you see gerri: today fitch's warned they would downgrade the debt if we don't do something to prevent it. -- we're talking allows $600 billion. generally it is a bullish tax cuts the patch for the amt, the death tax and huge spending cuts in defense.

the cbo said it will cut growth dramatically as much as 1.3%. do you agree? >> yes. but the sequestration cuts are not just about defense may be disproportionately but it is education, every sector will be subject to cuts. if you are the ceo and havv to plans, the first, i want to invest, part to identify will have federal funding for programs will be cut i may have to lay off employees how do plan for that? gerri: we have had people on the show that say i will not expand to the payroll.

did anybody feel more confident? >> no. as the day played out to moody's and fitch list about. talk gained about and reaching across the aisle it was a little bit different tone but it is interesting to see how the market looks. >> they will be very short and nervous and sell-off the stock. >> uncertainty with business planning of? but company. even if it is short-term certainty we will not go off the cliff it is helpful. >> you have a solution for

the housing market? >> it is very complicated. how do deal with the underwater homes from people who cannot get out under that? those are restructuring good gse or discourage investors from coming back to support the housing market. >> talk about $5 trillion of debt we will lead advocate a holistic solution to take investors' concerns. >> and try to get more investment. >> one of the most powerful woman on wall street thank you for coming.

thousands of people wrote hurt from superstar sandy up next what fema is up to. and harry reid, the deficit deficit, and if congress can work together. [ male announcer ] do you have the legal protection you need?

maybe you want to incorporate a business or protect your family with a will or living trust and you'd like the help of an attorney. at legalzoom, a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today. and now you're protected. america of loaded and they chose higher taxes even speaker of the house says maybe they could be on the table. >> for the purposes of the bipartisan agreement we're willing to except new revenue under the right

conditions. gerri: the author of who is the fairest of the mall? i think what john boehner is talking about, stephen is close-up deductions and loopholes not raise taxes on the wealthy. >> that is what they have been saying over the last three years like the super committee barack obama of one the election and they have consequences. he ran they would raise the tax cuts on the rich but i would say he does have a mandate so john boehner is and is a little weaker but can he negotiates? >> here is a crystal ball.

>> but he has told us he wants to raise the dividend tax 52 about 43 and capital gains 15 up at 24 and the individual rates overt 200,000 goes from 35 up at 42. gerri: you are killing incentives a. >> of course. of course. look at the last gdp report the sickness in the economy businesses are not investing why would urdu raise taxes on a business when they're not investing? this is the worst time to raise the capital gains tax. gerri: my fear they will pull in the reins even more the fiscal cliff 54 days away ceos look for a

friend not somebody they cannot predict they will plan misspending. >> as you know, we have a lame-duck session. they have to deal with the tax issue and the spending cliff. i am counter intuitive i a old fashioned those who have government contracts have to shrink business how can fitch say if we have spending cuts it will hurt the economy but two years ago they said it would cause a downgrade but we now we

hear from them every 20 minutes. >> i am not so sure across-the-board cut might be healthy. what has private businesses? that is the same analysis the government stimulus would create jobs. government spending is bad for the economy not good. gerri: we are on a roll. california passed a measure that raises income-tax for higher earners for:what is going on? >> >> you will have some of the rich people leave the state of california making good texas, nevada, florida, this

is the end of california as reno air. -- as we know it. it will get worse. >> 50% with favor taxes on the wealthy. you are crying in the wilderness. >> republicans need to stick to principal keep paying tax rates low is good for the economy. democrats want to raise taxes. gerri: we have so far to go. please be with us every step of the way. >> classmate-- last night was not a party. [laughter] gerri: it was fascinating. meet interesting people meeting carlos gutierrez.

>> it must of been like a wake. gerri: it was pretty quiet. how wall street reacts to obama and the threat and nor'easter at a misery after superstar sandy. what is being done or what is not being done more specifically? [ abdul-rashid ] i've been working since i was about 16.

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gerri: people on the eastern and seaboard are just beginning to recover are getting hit by another storm not superstorm sandy but potent new york and new jersey and connecticut and pennsylvania with the wind gust at 60 miles per hour with coastal flooding was the three ft. storm surge. chris christie warned those a just got their power back on could lose it. there already power outages on long island with bracing rain and freezing temperatures that has officials worried those recently lost their homes are at risk of literally freezing to death. no more real they and staten island parts were decimated

by hurricane sandy and democrats -- they're saying that is proved big government works. many people are critical of the federal government response and especially fema the fema centers were closed due to the weather. due to the weather? liz macdonald spoke to people who were boiled up but they were left behind and lied to. >> what do you make of fema response? they have evacuated by the way. >> is not helping out businesses. but only the homeowners. i pay taxes fema goes to the

bank to get a loan. >> how will you rebuild? >> you take it out of your own pocket hopefully will get back. gerri: baby mitt romney was right. the lack of the press and other problems facing residents a desperate need for gas as 1/4 of the stations are out now people are returning to the black market some are flocking to craig's list to buy and sell gas. our senior petroleum analyst joins me now. how serious is the black market? >> in your city the five boroughs only one-fourth of the stations have gas. more stations regionally do but it is hard hit here in

new york city. people trying to sell gasoline as much as $70 a gallon. gerri: $12 a gallon, 13, $20 on craig's list. people will do almost anything they can. what are you seeing? >> we have seen so many different things. people are starting to do it. folks are getting desperate but there is gasoline and more justifiable prices pocket. gerri: help-wanted. 1 gallon of gas delivered to me so i can make it home. i will pay $40. should officials step in?

should the market the forced out? >> we saw katrina where officials did crackdown to deliver generators. but it will be difficult for officials to do all lot about these. the deals are through e-mail it is the free market is somebody is willing to spend $40 it is the free-market. gerri: look at the map of gas prices. what it do see coming? >> for the country they will go down. here they are going up in the northeast but even regionally prices will start to go down as we approach thanksgiving.

gerri: we talk about your web site. low-key at what stage dense offer gas is a nice thing to know. >> we came together did this on saturday afternoon. great results. 3 million page views so far. people are desperately looking. we are trying to build avoid to give anze desire just to3 give the 8,000 -- 80,000 updates at least all gas stations have had one update for anybody can update. gerri: is the amount of gas stations that actually have gas for the that is what you really want. thank you for coming on.

major airline scrapping flights in and out of the new york area with the sec and stormed into weeks. on top of the 24,000 canceled last week it will not give any easier as there will be crowded flights through thanksgiving. 24 million travelers fly eighth to the 16 to the 27 keep an eye on your stuff. according to abc news certain airports are known by sticky figures from the tsa agents. number five and las vegas international. one dozen employees have been fired from the tsa. number four. 17 employees have been canned from heart ford. number three lax. number two major

cancellations today, a jfk. 27 employees fired for theft. number one miami. 12th and passengers but never one and that. 29 workers have been fired for stealing stuff. my $0.2 and wall street greeting the second obama term. what it means we're money. stay with us.

gerri: the market sell-off with metallurgist post-election drop baht's in history. plummeting 313.the biggest drop this year and investors are nervous and with the fiscal clough we have been talking about. how much further can give fall? will let go up? let's ask gary kaltbaum. great to have the back. what about the market move? >> remember we have been correcting for about seven weeks also sales growth is not good. now it is the realization of who is running the show. raising taxes and more government spending is not the recipe. gerri: investors are selling off stocks because they don't like obama's? >> they don't like obama's

obama's, like harry reid are john boehner. these are the people that brought us to this point* but now they will get into room to fix the problem they brought to was? i don't think so. the only good news december is seasonal strength also 2013 we get more bearish into the year. gerri: is there any place to run and hide? >> housing stocks. gerri: they are already up. >> listen. something is going on. the nasdaq was down 80% through 2003 because interest rates stay low. short-term bonds but my big worry hitting the of financial stocks they broke down a few names as be real

worried. gerri: as a result over regulation for financial's? >> of course. elizabeth warren has the senate seat wants to put the stranglehold on financial companies. we are dealing with what should be the opposite. too much government to much government spending, it has never worked in the history of time but that is the recipe and the market voted today. >> people are out there who say that is what we need. the market is not doing well, and neither is the economy. >> government creates nothing is only a live because of the taxpayer dollar.

taxpayers pay for the government if you take it from them that will hurt the economy. less government spending is better but we will not get there with the election results. gerri: some day the market welcome back i have confidence than that. but when? i have confidence in them. gerri: thank you for coming on. we will be right back and the question of the day. who is the party of gridlock? after seven years running for president mitt romney's campaign came to an end but there may still be hope for a change in washington. next. ♪

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on gerriwillis.com. 96 percent said democrats, you have a point of view. the party of gridlock. not too many folks say republicans. be sure to log on for our on-line question every weekday. finally, last night i was on hand at romney's convention headquarters for the candid concession speech, and i have to tell you, it was an emotional moment for many in the room, many who had worked with him for weeks to months, even years. what was amazing about that night and the campaign was how quickly it was dismantled. people have spent every waking moment working for the candidate and had no plans for the next day. bags were packed. there romney movement over right then and there. within 30 minutes of his speech to the room was nearly empty. but here is what i hope. for the sake of the country, the commitment to fiscal responsibility, not spending more than we'll committing our debt under control, paying off continues. that change we sd